The 23-year-old joined the Toffees and will play under manager Marco Silva in a deal worth £40 million on transfer deadline day.
Iwobi featured in 148 appearances for the Gunners since making his debut at Emirates Stadium in 2015.
Speaking about the move, Yobo believes that the transfer was the right one for his Nigerian compatriot, saying he is confident that the Super Eagles international will be an asset for his new club.
“I must commend Alex Iwobi for making that bold move. Everton is a quality team and I’m happy as an Evertonian that we acquired talent like him,” Yobo told Goal.
“I think the main reason behind this is his playing time, and I’m sure he will get that but he has to work harder than what he does in Arsenal.
“Apart from that, he’s got everything to succeed and I’m not surprised that huge bid was made for him.
“In my own opinion, it’s a good move because staying with Arsenal, who brought in [Nicolas] Pepe, will reduce his playing time. Here, he will learn more which will make him grow and more matured in the game.”
Having played for the Gunners in his entire professional career, Iwobi has never tasted life at another club as he launched his career in the Arsenal academy where he graduated to play under former manager Arsene Wenger and Unai Emery.
“Nigeria do not play like Arsenal yet he plays very well and that’s why I say the Super Eagles will benefit from this move because we’ll see a better Iwobi,” he continued.
“Nigeria will benefit more because we will see a more tactically disciplined and physically fit Iwobi because his talent has always been there. That will make him a more complete player,” concluded Iwobi.
Meanwhile, Iwobi was not available to play for Silva’s troops against Crystal Palace last weekend but he is in contention to make his debut when they host Watford in the English Premier League this weekend.
The 23-year-old hitman was part of the Nigerian squad that reached the third place of the 2019 CAF African Cup of Nations tournament in Egypt a month ago.